Day: February 24, 2023

Crypto Lobbying Needs a Reset: More FTC, less SEC

Crypto is no stranger to these problems – not because its business leaders are any more or less inclined to behave badly, but because, as in other industries, the biggest players are able to exploit their dominance. Where it differs from other industries is that crypto’s core foundations are built on resisting these centralizing tendencies, fostering perpetual tension between the ideal of decentralization and the reality of a tendency toward centralization. Hence the endless debates over cross-chain interoperability, trademarks, and the restrictions that some marketplaces impose on the resale of…

Coinbase has a lot at stake

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Crypto assets made their way onto the United States Securities and Exchange Commission’s list of priorities for 2023. So far, though, we haven’t tasted the “regulatory certainty” many have been calling for. Instead, the regulator threw the book at Kraken for allegedly failing to register its staking program. Coinbase appears next on the chopping block, but its lawyers are ready to fight. This week’s Crypto Biz newsletter delves into Coinbase’s defense of its staking program and its not-too-pleasant quarterly financials. We also look at the latest company to fall victim…

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Recycle to earn, a new frontier for blockchain technology towards ESG goals

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‘Recycle to Earn’ was the motto presented by Eric Vogel earlier this month while pitching his startup at the European Blockchain Convention, decades after he started recycling plastics and cans from his grandmother’s house to earn extra money for a Game Boy.  Vogel’s love for video games and increasing interest in the impact of recycling in the world are behind his inspiration for Circularr, a London-based company seeking to connect recyclers, manufacturers, and brands throughout a decentralized recycling ecosystem. Proper recycling is a growing challenge.According to the Plastic Waste Makers…

FDIC-insured Citizens Trust Bank to hold $65M in USDC reserves

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Citizens Trust Bank, a financial institution regulated by the Federal Deposit Insurance Corporation (FDIC), has partnered with Circle Internet Financial to hold some of its reserves in USD Coin (USDC) — a move the companies said would promote financial inclusion and digital literacy in the greater Atlanta area.  On Feb. 24, Circle announced the Atlanta-based Citizens Trust Bank would hold $65 million in USDC reserves as part of a broader collaboration between the two companies. The bank’s USDC reserves will provide small businesses with access to capital and be used…

Kenyan Senate Ready to Engage Central Bank – Bitcoin News

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The Kenyan Senate’s Information, Communication and Technology committee has said it is ready to engage the Central Bank of Kenya (CBK) and other stakeholders in shaping the country’s policy towards crypto assets and virtual asset service providers. According to the committee, such a policy helps govern the use of crypto assets in the country “to ensure Kenya harnesses the benefits of financial innovation while minimizing the risks.” Harnessing the ‘Benefits of Financial Innovation’ A Kenyan Senate committee recently said it has resolved to work with the Central Bank of Kenya…

US Stock Market Rattled as Key Inflation Gauge Ticks Higher Rate

Despite the current outlook, a major resilience play might be in the works for the US stock market in the mid to long term. Inflationary fears are far from over in the US stock market following the release of the Federal Reserve’s preferred inflation gauge dubbed the Personal Consumption Expenditure Index (PCE). As reported by CNBC, the core PCE grew by 0.4% month on month in January and by 4.7% in the year-to-date period. This data riled the market as experts fear that this data will give the Feds the…

FATF agrees on roadmap for implementation of crypto standards

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The Financial Action Task Force, or FATF, reported its delegates had come to an agreement on an action plan “to drive timely global implementation” of global standards on cryptocurrencies. In a Feb. 24 publication, the FATF said the plenary for the financial watchdog — consisting of delegates from more than 200 jurisdictions — met in Paris and came to a consensus on a roadmap aimed at strengthening “implementation of FATF Standards on virtual assets and virtual asset service providers”. According to the task force, in 2024 it will report on…